Current Attempt in Progress Second Chance Welding rebuilds spot welders for manufacturers. The following budgeted cost data for 2020 is available for Second Chance. Material Time Loading Charges Charges Technicians' wages and benefits $221,200 Parts manager's salary and benefits $40,200 Office employee's salary and benefits 39.500 6,840 Other overhead 23,700 23,040 Total budgeted costs $284,400 $70,080 The company desires a $37 profit margin per hour of labor and a 20.00% profit margin on parts. It has budgeted for 7.900 hours of repair time in the coming year, and estimates that the total invoice cost of parts and materials in 2020 will be $384,000. (a) Your Answer Correct Answer MacBook Air Your Answer Correct Answer Your answer is correct. Compute the rate charged per hour of labor. (b) Labor rate eTextbook and Media Solution 73 per hour Compute the material loading percentage. (Round answer to 3 decimal places, e.g. 10.501%.) Material loading percentage % eTextbook and Media Attempts: 3 of 3 used